Extra Space Storage (NYSE:EXR) Raised to "Hold" at BNP Paribas

Extra Space Storage (NYSE:EXR - Get Free Report) was upgraded by equities researchers at BNP Paribas to a "hold" rating in a report released on Tuesday, Marketbeat Ratings reports.

Several other equities research analysts also recently weighed in on EXR. Evercore ISI boosted their target price on shares of Extra Space Storage from $144.00 to $149.00 and gave the stock an "in-line" rating in a research report on Thursday, May 1st. JPMorgan Chase & Co. raised their price target on shares of Extra Space Storage from $160.00 to $162.00 and gave the company a "neutral" rating in a research note on Friday, June 13th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Extra Space Storage in a report on Thursday, March 6th. Royal Bank Of Canada cut their price objective on Extra Space Storage from $163.00 to $160.00 and set a "sector perform" rating for the company in a report on Thursday, May 1st. Finally, Wall Street Zen raised Extra Space Storage from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Nine equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $159.29.

Extra Space Storage Stock Up 0.1%

Shares of Extra Space Storage stock traded up $0.10 during trading hours on Tuesday, hitting $145.75. The company had a trading volume of 1,429,122 shares, compared to its average volume of 1,057,771. The company's 50-day moving average is $147.49 and its two-hundred day moving average is $148.53. The company has a market cap of $30.93 billion, a P/E ratio of 33.82, a price-to-earnings-growth ratio of 3.54 and a beta of 1.11. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.33 and a quick ratio of 0.33. Extra Space Storage has a twelve month low of $121.03 and a twelve month high of $184.87.

Extra Space Storage (NYSE:EXR - Get Free Report) last issued its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.00 EPS for the quarter, topping the consensus estimate of $1.96 by $0.04. The company had revenue of $820.00 million for the quarter, compared to analyst estimates of $705.12 million. Extra Space Storage had a net margin of 27.84% and a return on equity of 6.11%. The business's revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.96 EPS. Analysts anticipate that Extra Space Storage will post 8.1 earnings per share for the current fiscal year.

Insider Activity

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the business's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $147.45, for a total transaction of $1,105,875.00. Following the sale, the chief executive officer now directly owns 9,190 shares of the company's stock, valued at $1,355,065.50. The trade was a 44.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.96% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Harbour Investments Inc. boosted its holdings in Extra Space Storage by 90.9% in the 4th quarter. Harbour Investments Inc. now owns 168 shares of the real estate investment trust's stock worth $25,000 after buying an additional 80 shares during the period. GKV Capital Management Co. Inc. purchased a new position in shares of Extra Space Storage during the first quarter valued at approximately $29,000. Zions Bancorporation National Association UT bought a new stake in Extra Space Storage during the 1st quarter valued at approximately $50,000. Quarry LP grew its position in shares of Extra Space Storage by 156.1% in the 4th quarter. Quarry LP now owns 356 shares of the real estate investment trust's stock worth $53,000 after buying an additional 217 shares during the period. Finally, Golden State Wealth Management LLC raised its stake in Extra Space Storage by 147.0% during the first quarter. Golden State Wealth Management LLC now owns 405 shares of the real estate investment trust's stock valued at $60,000 after buying an additional 241 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors and hedge funds.

About Extra Space Storage

Extra Space Storage Inc, headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of December 31, 2023, the Company owned and/or operated 3,714 self-storage stores in 42 states and Washington, DC The Company's stores comprise approximately 2.6 million units and approximately 283.0 million square feet of rentable space operating under the Extra Space, Life Storage and Storage Express brands.